Throughout this week, while immersing myself in the multitude of newly released tracks, I couldn't help but contemplate the evolving landscape of music creation and consumption. Lately, I've been onboarding some more artists, and it's clear that we need to discuss some points regarding this emerging music industry.
Benefits of Onchain Music
Irrespective of the ever-shifting market conditions, onchain music stands as a domain with several distinct advantages. Foremost among these is the heartening fact that artists retain the entirety of their earnings from their creative work. Moreover, within this sphere, exposure and discoverability continue to thrive, although they do demand a degree of dedication from enthusiasts such as myself. I find myself devoting hours each week to scour for emerging artists and noteworthy tracks to showcase here.
However, what truly sets this space apart from the traditional game is the profound sense of community that blossoms as you immerse yourself in it. The forging of friendships and the establishment of meaningful connections become pivotal and rewarding components of this exciting onchain music space.
Setting Realistic Expectations
One of the initial hurdles I have encountered with newer artists revolves around the unrealistic expectations that many have when entering the onchain music scene. There's often a dream of achieving overnight stardom and massive earnings à la the bull market days of 2021/22. However, the reality is far more nuanced. Building a devoted fanbase willing to invest in your creations takes time and dedication.
Understanding Collector Archetypes
To navigate this space effectively, one must understand the different types of collectors. This invaluable insight was emphasized by Cooper during his "Managers Launchpad" earlier this year, an experience for which I'm deeply appreciative to have participated in.
There are three identifiable domains of consumer in onchain music:
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Patrons: These individuals support artists in good faith, often driven by a genuine appreciation for their work.
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Flippers: Flippers purchase onchain music with the intent of reselling it for short-term profit.
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Investors: These are long-term profit seekers who believe in the potential value appreciation of the onchain music they acquire.
Currently, the market primarily consists of patrons and long-term investors. Flippers was once a much more vibrant category, but if you are paying attention to the market, you’ll know that secondary market volume has slowed significantly.
Evaluating Costs and Value
At present, collecting onchain music often resembles tipping/patron behavior more than traditional investing. Similar to the SoundCloud days, where 90% of the artists I encountered remained relatively obscure, buying onchain music is a very speculative endeavor. While it can be a good investment, collectors must accept their role as patrons, which is largely reflected in the price of onchain music these days.
Setting prices in the $5-10 range can encourage more patron-like behavior. At this price point, it becomes a no-brainer activity, akin to buying a cup of coffee. However, as the price increases, collectors face a dilemma: choosing between investing in onchain music or allocating their funds elsewhere in more tangible or rewarding experiences.
Addressing the Value Challenge
Although we may wish for a different reality, we must adapt to the current market dynamics. So, what can be done to enhance the value of onchain music and increase revenue?
Firstly, a bullish market can and likely will lead to higher prices. More money being made/more money on the table means prices can increase. The good news is, the cyclical nature of this market suggests that we'll experience more prosperous times in the coming years.
Artists, in turn, must also find ways to justify their costs to consumers. Music undoubtedly holds intrinsic value, but in today's economy, individuals can't readily spend $20+ without careful consideration. Providing incentives, such as a brief FaceTime call with the artist, can enhance the appeal greatly to the consumer.
Furthermore, artists should also actively engage with the onchain music culture, join collectives, and embrace new tools as they become available. Building a network mirrors establishing a new enterprise, where "your network is your net worth." It pays to know your consumer in this space, literally.
The Endless Philosophical Question of Value
In conclusion, the music market remains a complex, philosophical inquiry into the value of onchain music for artists versus consumers. There's no definitive answer beyond pursuing your passion as an artist and enjoying the journey. While there are no guarantees of wealth, you can share your onchain music with a broader audience.
If you're curious about my latest onchain music discoveries, feel free to check out my playlist.
Onchain Curator Master Playlist:
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Last but not least, dive into the artists and tracks I have been bumping the last few days below…
PELYUH's "Can You Feel The Beat" is a heavy house music masterpiece. The production quality shines throughout the track, immersing you in a deep house trance. I couldn't resist hitting the replay button multiple times when I stumbled upon this gem.
Collect here:
Joe Urso (@joeursomusic) dropped "Bubbly," and I instantly fell in love with it on the first listen. Remarkably, this song was created in a single session and part freestyle. It's worth noting that the version you hear here is a 'rough cut,' which is a testament to Joe Urso's musical prowess, as my ears couldn't detect a single flaw. This track is a nod to his talent, delivering a fantastic mellow rap love song with a great vibe from start to finish.
Collect here:
"Electrobodies" by Sonic Heads (@SonicHeads) had me hooked from the moment those synth-y 80s beats kicked in. It's a flawless synth-pop banger that leaves no room for critique or doubt from start to finish. What adds intrigue to this track is that it's the creation of a virtual band. While I may not be a huge fan of the metaverse artist/virtual band narrative, it's undeniably cool to witness creativity and innovation thriving in onchain music. The talent behind this virtual band is undeniable.
Collect here:
"Frenemy" by Sven Dayz (@iamsevndayz) won me over with its vocals, which are nothing short of incredible. The lyrics tug at the heartstrings, and the song's production is incredibly well-executed. The music has depth, and if you let it, you can feel it resonate deep within your soul.
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Halo Kitsch (@HaloKitsch) stands out as one of my favorite artist discoveries this week. Her track "(I Like to Be Lonely) Lonely" takes over your senses with its full-bodied sonic embrace. Halo Kitsch's voice is immaculate, and the chorus exudes cinematic vibes that could easily find a place in a movie scene. Someone, please get this artist a sync placement.
Collect here:
Ari Gumora (@AriGumora) graces my list once again with his song "You." I was instantly reminded of Oxis (@iamoxis) with its ethereal vocals, combined with a blend of guitar and electronic elements. Just give it a listen; this track fires on all cylinders. Perhaps we'll even get an Ari x Oxis collab someday!
Collect here:
Gateway Girl (@gatewaygirl) was a delightful discovery this week with her song "Deal with it." The track exudes Billie Eilish vibes, and I absolutely loved it. The soft vocals and intricate layering gave me literal chills as I listened. When music elicits such a somatic experience, it's a definite win in my book.
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This week, I have a double feature from serboy (@serboynft), an incredibly talented electronic music producer from Turkey. I've had the pleasure of knowing and working with him through DANC3 (@_DANC3). Serboy's mastery of electronic music is evident in both "Melancolica" and "Moonlight." In his latest release, he collaborates with HeyBela (@HeybelaNFT), whose music I've been enjoying onchain since September 2022. Seeing her featured on two outstanding electronic tracks this week was a hype moment.
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LXBERTY MXTON drops "DIGITAL UNKNOWN," a low-tempo electronic track channeling the energy of "wook bass," which I absolutely love. This is the kind of music that you'd find me freestyle dancing to at festivals and concerts. It's hard-hitting, dank, and serves all the right vibes.
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SOS On Side (@sosonside69), a one-man band, treats us to a lovely indie pop-rock bop with "Dr. Periwinkle - Sola Stella." Beyond it being a good song, I personally appreciate seeing this genre represented onchain and want to highlight anyone bringing us such sweet sounds. Additionally, the artist delves deep into onchain music tech, so be sure to read the track description to learn more about their blockchain endeavors.
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"Lost" by JED XO (@1jedxo) features a groovy beat and lovely lyrics. This track is versatile, allowing you to either get up and dance around or simply lay back and let the vocals carry you into a state of sonic bliss.
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"Plugged In (remix)" by Sunshine Vendetta (@sunshinevndetta) featuring Block6, Fumez, YA6, Lucii, and Tzgwala is an instant anthem for board sports enthusiasts like me. It's fast, gritty, and I can't wait to hit the snowy slopes with this track blasting in my headphones. This song gets me hyped up like no other!
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"No Limit The Album" by Dope Stilo (@DopeStilo) was a standout in my week of listening. Initially, I was in the car and had no idea it was an entire album presented as one track. The first song immediately captured my attention with its subtle Pop Smoke influence on the production. As the song changed, I felt a hint of YG energy, making me think it was a new artist and track. To my surprise, I looked down at my phone, and saw it was the same artist/track still, and I enjoyed every second of it. Dope Stilo's skills are undeniable, and I'm now a fan.
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